New York Markets After Hours

AutoNavi agrees to be acquired by Alibaba in $1.5 billion deal

NEW YORK (MarketWatch) -- Digital-navigation provider AutoNavi Holdings Limited
amap
said Friday that it has agreed to be acquired by China's biggest e-commerce company, Alibaba Group Holding Limited, in a deal valued at about $1.5 billion. Alibaba is paying $5.25 in cash per AutoNavi share, or $21 in cash per American depositary share, or ADS. That's a 27% premium over the closing price on Feb. 10, when the company said it had received a "going private" proposal from Alibaba. The deal is expected to close in the third quarter. Deutsche Bank acted as financial adviser to Alibaba. AutoNavi shares were last trading up 2.5% at $20.55.

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